| dc.description.abstract | Waqf properties constitute a large percentage of societal wealth in several Muslim countries. Yet,
many Muslim countries are facing enormous socio-economic problems such as poverty, illiteracy and lack of
basic healthcare services. These socio-economic problems encourage contemporary Muslim scholars to revive
the traditional methods of financing the development of waqf properties to ensure that waqf institution plays its
vital role on improving the social welfare of the ummah. This paper examines the traditional waqf-based
financing methods of developing waqf properties and their implications on socio-economic development. We
have realized that with good waqf management and effective legislations, istibdal could be more suitable for the
development of waqf properties, which in turn will finance socio-economic development. Nevertheless, all the
traditional waqf-based financing methods may not be suitable in most of the low income Muslim countries, as
there are widespread corruption and abuses of waqf properties. Therefore, allowing the waqf management to
develop waqf assets using these traditional methods may expose waqf assets to further abuses and
expropriation. The paper suggests that, putting the right waqf management teams which practices good
governance; cash waqf, waqf share scheme and corporate waqf would be the most suitable methods of financing
both the development of waqf properties as well as socio-economic development. | en_US |
